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About Paralink Network
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What is Paralink Network (PARA)?
: A multi-chain oracle platform for DeFi and blockchain applications built on Polkadot and using IPFS. -
Key features:
- Paralink Query Language (PQL) for sourcing data from databases, websites, and traditional APIs
- Receives information from other blockchains
- Provides real-world data for DeFi applications
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Founder and CEO:
Jan Knezevic, a Slovenian auditor with a background in business and economics -
What makes
Introducing Paralink Network: Empowering the Future of Data-Driven Decision Making
Introducing Paralink Network (PARA): A Revolutionary Blockchain Ecosystem
Paralink Network (PARA) is a cutting-edge, multi-chain oracle platform designed to empower DeFi and blockchain applications. Built on the robust foundation of Polkadot and leveraging the decentralized InterPlanetary File System (IPFS), the Paralink project distinguishes itself through its innovative Paralink Query Language (PQL). This proprietary language significantly enhances transaction speed, while facilitating the retrieval of verifiable data from diverse sources, including databases, websites, traditional APIs, and other blockchain networks.
Developers are empowered to craft bespoke requests and seamlessly integrate smart contracts with the API, while users can tap into a vast array of real-world data streams, encompassing sports, weather, shares, currency, and more. The platform aggregates data specifically tailored for DeFi applications, presently addressing the limitations inherent in blockchain applications and ensuring an elevated level of security.
Since Q2 2020, Paralink technology has been under development, driven by the mission to overcome the oracle problem. This challenge restricts blockchain applications to accessing state information solely via public interfaces on the same chain, thereby limiting their access to real-world data. Paralink aims to facilitate seamless interactions between distribution systems and the real world, with Polkadot serving as a supporting infrastructure for integration. The Paralink platform’s functionality is made possible through open-source software, specifically the Paralink node.
The Visionary Founders Behind Paralink Network
Jan Knezevic, a seasoned Slovenian auditor with a strong foundation in business and economics, serves as the founder and CEO of Paralink Network. Following a stint at KPMG, he developed a profound understanding of blockchain technology, which led him to specialize in blockchain consulting projects encompassing accounting, business development, and internal audits. Prior to his foray into cryptocurrencies, Jan was an accomplished trader in the stock market, where he actively traded stocks and stock options.
Knezevi swiftly grasped the limitations of blockchain applications when it comes to exchanging real-world information. To unlock their full potential and integrate them into complex industries, a seamless flow of information from the real world is essential. In 2020, Knezevi embarked on a mission to develop a scalable and economically viable solution to this problem – the Paralink project.
Unveiling the Unparalleled Attributes of Paralink Network (PARA)
One of the most groundbreaking innovations of Paralink Network lies in its cutting-edge queries and ETL (extract, transform & load) process. The developers are convinced that this pioneering move will revolutionize the way people approach the creation of decentralized applications (DApps) and inform decisions regarding data migration to smart contracts. Notably, Paralink boasts a remarkably flexible system, courtesy of its cross-chaining capabilities, thereby enabling the processing of previously inaccessible information.
Relative to similar projects, Paralink Network boasts two distinct advantages: its robust querying language, PQL, which incorporates a user-friendly PQL Query Editor, enables seamless and efficient querying of common data structures such as JSON, XML, and SQL. When an oracle on the blockchain initiates a request, the PQL definition is retrieved from IPFS, executed, and subsequently submitted back to the original oracle. For a comprehensive overview of Paralink’s data ingress, please refer to this resource.
Notably, Paralink boasts an on-chain consensus model, powered by Polkadot, which enables a robust validation process. Self-organizing clusters of Paralink Node operators, known as Relayer Quorums, must reach a consensus on the outcome, meeting a minimum threshold. This mechanism allows Paralink to aggregate data from multiple sources on the chain, while excluding results that fail to meet the variance threshold requirements, thereby ensuring an additional layer of security.
The paramount consideration guiding the development of Paralink nodes is the capacity to facilitate seamless, real-time information exchange with physical entities, while ensuring accurate asset valuation. Consequently, the Paralink Network provides a secure, economically viable solution for streamlined, static interactions between blockchain networks and the real world, progressively showcasing its potential to platform users.
What Is the Circulating Supply of Paralink Network (PARA) Coins?
The internal currency of the Paralink Network is PARA, a multifaceted token that serves as both an incentive and governance token on the Paralink blockchain, offering staking opportunities to its holders. The maximum supply of the PARA token is capped at 1 billion, with a carefully structured tokenomics distribution as follows: 0.67% allocated to public sale; 5.00% to private sale; 6.25% to strategic sale; 6.67% to seed sale; 13.5% reserved for the Paralink team; 20% dedicated to nominator rewards; 20% allocated to validator rewards; 10% committed to ecosystem development; and 17.91% set aside for reserve purposes.
Beyond the native token on the Paralink blockchain, the developers intend to introduce an ERC-20 token on the Ethereum network during their token generation event (TGE), which will maintain a one-to-one parity with the PARA token.
A milestone Initial DEX Offering (IDO) successfully launched on May 24, 2021, marking a significant milestone in our journey.
The Paralink Network’s Robust Security Framework: A Comprehensive Overview
Paralink’s on-chain consensus algorithm, built upon Polkadot Substrate, ensures the utmost level of application security. The Paralink Network presents three distinct security models:
Simple Ingress – the most economical solution, wherein Paralink nodes are integrated into multi-chain networks, leveraging any third-party data source, whose authenticity can be swiftly verified. However, this model is less efficient for complex financial applications and necessitates trust in a centralized node operator.
Introducing Trusted Ingress, a sophisticated iteration of Simple Ingress that prioritizes the encryption of PQL results through advanced cryptography. This enhanced model leverages trusted data providers, each equipped with personalized decryption keys, to deliver a more secure and reliable experience. With a significant leap in functionality, Trusted Ingress is particularly well-suited for high-stakes financial applications, offering a more cost-effective and streamlined implementation process. Furthermore, this solution provides seamless callback support across all blockchain networks.
On-chain Security – a self-sustaining model that eschews reliance on external verification sources, thereby rendering it virtually unhackable. The seamless coordination of close chains is pivotal to implementing this model, which proves to be a vital adjunct in interactions with money markets and high-stakes financial applications.
Acquiring Paralink Network (PARA): A Comprehensive Guide to Exchanges and Marketplaces
As of July 2021, prominent cryptocurrency exchanges that have integrated Paralink Network (PARA) into their platforms include Uniswap (V2), PancakeSwap (V2), Gate.io, and ZT, thereby expanding the token’s accessibility and liquidity.
Discover the ins and outs of acquiring prominent cryptocurrencies such as BTC, ETH, or PARA – explore our straightforward and all-encompassing guide.
Remain abreast of the latest developments and trends in the cryptocurrency realm with the CoinMarketCap blog, your premier source for timely updates and insightful analysis.
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Associated Resources:
Delve into the world of Polkadot (DOT) and Ethereum (ETH), two pioneering blockchain networks revolutionizing the decentralized landscape.
Delve into the revolutionary realm of the InterPlanetary File System (IPFS), a decentralized storage solution poised to transform the fabric of data sharing.
Delve into the realm of oracles: explore an in-depth overview on our esteemed educational portal, Alexandria.
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